CWB amends normal course issuer bid to purchase additional warrants
EDMONTON, September 30, 2010 - Canadian Western Bank (TSX: CWB) (CWB or 'the Bank') today announced the Toronto Stock Exchange (TSX) has approved CWB’s application to amend its existing normal course issuer bid (NCIB) to purchase, for cancellation, an additional 721,619 of the Bank's outstanding warrants (TSX: CWB.WT). The warrants will be purchased through the facilities of the TSX.
The purchase of warrants under the NCIB forms part of CWB's capital management program. This initiative is consistent with management's objective to maintain strong capital ratios while maximizing value for CWB shareholders.
To date, CWB has purchased and cancelled a total of 746,504 warrants at an average price of $10.92. The amendment, which is effective October 4, 2010, will allow CWB to purchase an aggregate of 1,469,677 warrants, representing approximately 10% of the public float for warrants that was outstanding as at January 18, 2010.